Franklin Templeton's Spencer: Why I am selling down Jupiter

Jupiter Asset Management is at a "crossroads" and its profit growth may be at an artificially high level, according to Franklin Templeton's Paul Spencer.

The manager of the £960m Franklin UK Mid Cap fund has been reducing his position in the company over the past two months in the belief the fund house's pricing strategy may prove less successful in the long run. Having held Jupiter since its IPO in 2010, Spencer held 3% of his portfolio in the stock as recently as the turn of the year. The position was equivalent to 1.8% of Jupiter's share capital, according to S&P Capital IQ. The manager (pictured) has subsequently halved his holding in the company, in part due to concerns over general market levels but also for stock-specific reason...